Wednesday, November 19, 2008

FDIC Leases Office Space in Orange County

by Calculated Risk on 11/19/2008 12:09:00 AM

From the LA Times: FDIC to open temporary office in Irvine (hat tip jb)

The Federal Deposit Insurance Corp. has leased 200,000 square feet of space in Irvine for a temporary office that will manage receiverships and liquidate assets from failed financial institutions in the western United States.
...
In choosing Irvine, the agency is benefiting from Orange County's depressed office market, which has been hurt by the collapse in recent years of New Century Financial Corp., Ameriquest Mortgage Co. and other financial companies.

The office vacancy rate in Orange County soared to 17.4% in the third quarter from 12.1% a year earlier, while rents fell 4.4%, according to Cushman & Wakefield.